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HCS 405 Week 1 Health Care Financial Terms and Financial Statements
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HCS 405 Week 1 Health Care Financial Terms and Financial Statements

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HCS 405 Week 1 Health Care Financial Terms and Financial Statements

 

Resource: pp. 10 to 11 in Healthcare Finance: An Introduction to Accounting & Financial Management (6th ed.)

Complete the Health Care Financial Terms and Financial Statements worksheet.

Click the Assignment Files tab to submit your assignment.

Health Care Financial Terms and Statements

Understanding health care financial terms and statements is a prerequisite for academic and professional success. This assignment is intended to ensure you understand some of the basic terms and statements used.

Complete parts A and B of this worksheet.

Save the completed worksheet as a Microsoft® Word document with your name in the file name to your computer desktop.

Click the Assignment Files tab to submit your assignment.

Part A:

Complete the table below according to the following guidelines:

In the space provided, write the definition for each term as used in health care management. You must define the term using your own words.

In the space provided after each definition, summarize a health care management scenario that illustrates the importance of the skill, concept, procedure, or tool that the term refers to in 125 to 150 words. In the scenario, you may wish to consider the following:

o    Why is the skill, concept, procedure, or tool necessary for accurate record-keeping, operational efficiency, excellent patient services, employee management, regulatory compliance, reducing costs, forecasting, etc.?

o    What successes are enabled by an adequate understanding or appropriate application of the skill, concept, procedure, or tool?

o    What risks or failures are associated with an inadequate understanding or inappropriate application of the skill, concept, procedure, or tool?

Term    Definition        Scenario

Controlling                 

Decision-

making

Organizing                 

Planning                     

Original

records

Revenue cycle            

Payer mix                   

Revenue                     

Capital expenditure budget               

Direct cost                  

Flexible budget                      

Operating budget                   

Responsibility center  

Forecast                      

Full-time equivalents              

Noncontrollable expenses                  

Nonproductive time               

Staffing                      

Situational analysis                

SWOT analysis                      

Part B:

Resources:

Complete the table below.

In 100 to 125 words, identify the purpose of the financial statement listed and provide an example of how the statement is used.

Financial Statement    Purpose of Statement  Example of Use

Balance sheet             

Income statement                   

Operating budget        

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